Asset Prices And Central Bank Policy
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Author | : Stephen Giovanni Cecchetti |
Publisher | : Centre for Economic Policy Research |
Total Pages | : 164 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : 9781898128533 |
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
Author | : John Y. Campbell |
Publisher | : University of Chicago Press |
Total Pages | : 444 |
Release | : 2008-11-15 |
Genre | : Business & Economics |
ISBN | : 0226092127 |
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
Author | : Éric Tymoigne |
Publisher | : Routledge |
Total Pages | : 337 |
Release | : 2008-11-21 |
Genre | : Business & Economics |
ISBN | : 1135976732 |
In this book Tymoigne argues that financial stability should be the sole goal of central banks and suggests an alternative to the inflation targeting framework showing how interest-rate policy can help to solve some of the problems faced by central bankers.
Author | : Paul De Grauwe |
Publisher | : CEPS |
Total Pages | : 22 |
Release | : 2008 |
Genre | : Monetary policy |
ISBN | : 929079819X |
The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.
Author | : Stephen G. Cecchetti |
Publisher | : |
Total Pages | : 140 |
Release | : 2000 |
Genre | : |
ISBN | : |
Author | : Frederic S. Mishkin |
Publisher | : MIT Press |
Total Pages | : 561 |
Release | : 2009-08-21 |
Genre | : Business & Economics |
ISBN | : 0262513374 |
A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Author | : William Curt Hunter |
Publisher | : MIT Press |
Total Pages | : 650 |
Release | : 2005 |
Genre | : Business & Economics |
ISBN | : 9780262582537 |
A study of asset price bubbles and the implications for preventing financial instability.
Author | : Perry Warjiyo |
Publisher | : Emerald Group Publishing |
Total Pages | : 445 |
Release | : 2019-07-25 |
Genre | : Business & Economics |
ISBN | : 1789737532 |
Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.
Author | : Board of Governors of the Federal Reserve System |
Publisher | : |
Total Pages | : 0 |
Release | : 2002 |
Genre | : Banks and Banking |
ISBN | : 9780894991967 |
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author | : Mr.Peter Stella |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 1997-07-01 |
Genre | : Business & Economics |
ISBN | : 1451850506 |
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.